Bitcoin (CRYPTO: BTC) has plummeted below $68,000 on Tuesday, while Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) are down 2% and 4%, respectively, continuing their weakness compared to roaring equity markets.

ETF Flow Reversal – Biggest Weakness

In its June 2026 Market Update, Wintermute research noted that market weakness comes as spot Bitcoin and Ethereum ETFs recorded roughly $2 billion in combined outflows over 10 days, marking the longest redemption streak since launch.

Strategy (NASDAQ:MSTR) selling also added to bearish sentiment, while XRP products continued attracting inflows.

The ETF flow reversal has become one of the market's biggest pressure points.

The institutional bid that helped drive Bitcoin from $70,000 to $80,000 earlier this year has weakened materially, leaving spot markets heavy without a strong new buyer base.

However, Nasdaq continued rallying on AI momentum and small caps caught fresh inflows.

Analysts said equities still have a strong earnings narrative tied to AI capex and software growth, while crypto remains more exposed to macro headwinds and fading momentum.

HYPE's Decoupling And What’s Next

While most crypto assets weakened, Hyperliquid, measured by Hyperliquid Strategies Inc (NASDAQ:PURR), crossed above $70, continuing one of the strongest relative-strength trends in the market.

The move comes after Grayscale reportedly negotiated a roughly $115 million HYPE ETF seed and ICE Chairman Jeffrey Sprecher referenced Hyperliquid during Bernstein discussions.

Traders are watching for near term catalysts including CPI and PPI inflation data, CME Nasdaq crypto index futures launch, ETF flow stabilization and whether HYPE profits rotate into other altcoins.

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